Pakistan bans Gold imports for 30 days

The country had similarly implemented import ban on duty free gold in July last year to promote the export of value-added gold jewellery.

ISLAMABAD (BullionStreet): Pakistan has imposed a 30-day ban on the import of gold in order to check smuggling and speculation in currency, the Economic Coordination Committee (ECC) of the Cabinet said on Monday, Associated Press of Pakistan (APP) reported.

The country's Finance Minister, Senator Mohammad Ishaq Dar said, there had been surge in the smuggling of gold in the wake of steep increase in duty on its import in a neighboring country.

The 30-day import ban, he said, would help curb smugglers activities without effecting the legitimate demand supply position of gold in the country.

The country had similarly implemented import ban on duty free gold in July last year to promote the export of value-added gold jewellery.